Article summary
The Bank of England (BoE) has published a consultation paper (CP) on its proposal to modify the scope of the derivatives clearing obligation under Retained Regulation (EU) No 648/2012 (UK European Markets Infrastructure Regulation (UK EMIR)) to reflect the ongoing reforms to interest rate benchmarks. In its consultation, the BoE proposes amendments to Retained Delegated Commission Regulation 2015/2205 which contains technical standards on the EMIR clearing obligation. This CP is relevant to financial and non-financial counterparties that are subject to the clearing obligation under UK EMIR, and to central counterparties (CCPs). Responses are due by 4 July 2021.
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